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Charles Cutts is the president and chief executive officer of The Corporation of Massey Hall and Roy Thomson Hall. In our series on the financial habits of notable Canadians, Cutts told the Toronto Star’s Emily Mathieu about the joy of buying his first bike, why he wishes he had bought a brick of gold and his tendency to splurge on striped socks.

How did your family influence your attitude toward money?

In my early childhood days my mum and dad owned and operated the King Edward Hotel in New Hamburg, Ont. The hotel service industry was a really tough life. Behind the scenes they operated a restaurant, a bar and hotel rooms. They got up very early in the mornings and (went) to bed late at night. That hard work philosophy had a lot of influence on me growing up.

What is the best financial advice you ever received?

An insurance agent had stopped by just after I graduated from university at 20 years of age. My dad had taken out a policy for me when I was born and this gentleman was doing a follow-up visit now that I had finished school. He convinced me to get into not only an insurance policy for myself but to get into investments. He said “put aside some dollars right now for a rainy day, as much as you can afford.” So I started putting $15 a month into Investors Syndicate. Michael remains as my personal financial adviser today.

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Describe your first job, what did it teach you?

I was a clerk at Steinberg’s grocers in Scarborough. I earned 80 cents an hour. It was a good job to have at the time and it taught me the value of punctuality because you’d be docked pay if you were late. I also learned that by taking on any additional shifts it would allow me to earn more spending money. That made for extra money to attend concerts.

What was the first item you purchased with your own money?

A red coaster bike. I was a paper boy for the Telegram in the early 1960s in Dorset Park (Lawrence Ave. and Kennedy Rd.). As soon as I got the bike I would ride around the neighbourhood and I thought I was in seventh heaven.

What has been your savviest investment?

Over the last few years I’d say it has been CMP Resources. It has given me a great rate of return and has probably been the best series of investments that I’ve ever had. Goldcorp had a great run for me, too.

What is your best money-saving advice?

My best advice goes back to that first advice I had ever received, the discipline of putting money away for rainy days or retirement as much as you can and as often as you can. Not to mention, always max out your contribution to your RRSP.

What is your worst spending habit?

I actually don’t think I have any, to be honest. If you ask my family they’ll likely say I have a bad habit for purchasing socks. I have a collection of socks with crazy colours and patterns or stripes all over them.

What hard financial lessons have you learned?

When the rate of gold was fixed by the government — I think it was around $65 an ounce — my mum suggested that we buy a brick of gold. At the time it seemed like so much money and we just literally couldn’t find the cash to invest in that. That’s one decision that I really regretted.

What financial tips would you give to young people seeking to make a career in the performing arts?

Find a 9 to 5 job or a part-time job that can be flexible to your ambitions (and if possible) allows you to be doing something where you can be creative or at least enjoy being there. I’d warn that it takes a lot of patience to earn a career in the performing arts. It takes years of practice and hard work to become an overnight sensation. So be prepared for the long haul.

I’d tell them to invest in their future, again, by saving early and often. But most importantly . . . when you find a job where your employer allows you to be creative, stick with it until you are able to make the switch into arts full time.

Do you feel financially stable?

Yes, and as I reach into my later earning years I have put more of my savings into conservative investments that guarantee a return with which I can be comfortable.

Do you bank online?

I actually prefer banking by telephone.

Do you worry about retirement?

I don’t particularly worry about the financial aspects of retirement. Our plan is to travel as much as we can in the earlier years. My wife Barb and I love to travel.

Are money and success the same thing?

No. I used to think it was true, but family and friends come first. And that’s success to me. We have two fabulous daughters who now have their families. They have done the right things in life and I wouldn’t trade a moment of that for anything else.

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